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How is data analytics disrupting the management of customs duties?

KPMG's Customs Data Analytics is designed to identify if the data reported to customs authorities is incorrect through omission or error. Such errors can increase customs duty liabilities and expose the business to infringement notices, strict liability penalties and prosecution. Rather than wading through physical documents, KPMG’s methodology combines sophisticated data analytics software with explorative testing to uncover potential compliance risks and financial opportunities.

Questions to ask of your Customs Data:

Have I maximised the use of Free Trade Agreements (FTAs) and other customs duty concessions?

Are customs duty refunds available to the business?

Do I have confidence that the declarations made to government are accurate?

Are our brokers and service providers meeting their contractual obligations to us?